The PowerShares QQQ Trust ($QQQ), which tracks the performance of the tech-heavy Nasdaq 100 Index, finished last week at its highest closing price since December of 2000. Stocks and ETFs trading at fresh 52-week highs or multi-year highs typically move substantially higher with only the slightest amount of buying pressure due to the lack of price resistance and overhead supply from investors who bought at higher levels and would otherwise be selling into strength of the move.
As of Thursday's close, the evidence clearly points to a healthy market, so Deron Wagner will position himself on the long side until conditions change.
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